Deutsche Bank admitted it made a ‘critical mistake’ taking on registered sex offender Jeffrey Epstein as a client, and agreed to pay a $150 million fine to settle charges over its dealings with the late financier
Tuesday’s settlement with the New York State Department of Financial Services is the first such action against a bank related to Epstein. The registered sex offender committed suicide in a Manhattan jail in August, a month after his arrest for allegedly sexually exploiting dozens of girls and women.
New York found “significant compliance failures” in Deutsche Bank’s dealings with Epstein, who the bank had considered “high-risk”. It also knew of Epstein’s history of sex trafficking and abuse, including his 2007 guilty plea to state prostitution charges, yet ignored these “red flags” and processed hundreds of transactions “obviously implicated” by his past.
The transactions processed by the German bank included payments to alleged accomplices, lawyers, victims, Russian models and women with Eastern European surnames, and “suspicious” cash withdrawals averaging $200,000 a year.‘NOT SUSPICIOUS’ But they appeared “satisfied” by Epstein’s response and did nothing to verify the allegations, the consent order said.
This created a risk that payments could be used to “further or coverup criminal activity and perhaps even to endanger more young women,” the New York settlement, which reflected Deutsche Bank’s cooperation over several years, revealed.
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